Report

Conpet confirmed at HOLD, TP RON 76.1 - Pipes continue to preserve value

We raise our target price to RON 76.1 from RON 71.0 but confirm our HOLD recommendation, given strong Q1-3 2022 results, associated with higher estimates regarding transported volumes.
We project an average EBITDA of RON 127.2 mn in 2022-24e vs. RON 112.0 mn in 2019-2021 and have raised our FY 22 EBIT to RON 70.9 mn and net profit to RON 67.8 mn.
We believe that OMV Petroms planned maintenance work of approx. 45 days in 2023e could push the net profit to RON 63.0 mn, but it should remain at this level just temporarily and recover from 2024e onwards.
Underlying
Conpet SA

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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